US stock markets were closed on Tuesday to observe the national day of mourning for former President Gerald Ford.
Oil prices deepened losses on Wednesday as mild weather conditions were projected to persist in the United States, undermining heating oil demand.
The Dow Jones industrial average hit an intraday record high.
The Institute for Supply Management said its manufacturing index for December rose to 51.4 from a November reading of 49.5.
A reading above 50 indicates growth in the sector.
As a reminder, Tuersday marked the second-to-last trading day of the classic year-end Santa Claus rally which, according to the Stock Trader's Almanac, has resulted in an average return of 1.5% for the SP500 since 1950.
In fact, an influx of new fund inflows that typically hit the market on the first day of trading for the month/quarter/year,as evidenced by the biggest volume in several weeks, provided an additional floor of market support.
Oil was little changed above $58 on Thursday, one day after a commodities sell-off and warm weather knocked prices 4 percent lower, with dealers pausing ahead of U.S. data expected to showing rising fuel stocks.
December Fed minutes show central bank still worried about inflation but also about a slowdown.
Tech shares surged Thursday, boosting the Nasdaq composite and helping the Dow industrials stabilize by the close of trade.
Oil prices held below $56 on Friday after falling nearly 9 percent over the past two days to its lowest close in 18 months, as traders fret over growing U.S. fuel stocks and mild weather.

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